Tender / Bid Bond Guarantee
Definition:
A commitment document is issued to guarantee commitment to contact in case of winning the tender and in order to compensate financial losses that come from cancelation and non-fulfillment of winner commitment in favor of other parts of the contract..
Terms :
- Providing documents representative of attendance in tender.
- Credit rating of company and board of directors should be acceptable.
- Cash deposit: considering the project type it starts from 2 up to 10 percent of the guarantee value.
- Fee: 0.5% for cash deposit and 2% for promissory notes and checks.
Performance Guarantee
Definition:
A commitment document is issued in return for part of gross amount of account bill in accordance with each contract period to guarantee performance and quality of the work and ensure proper and timely work done by contract sides.
Terms :
- Representing contract related to the request is necessary.
- Representing employer request letter asking for the performance guarantee in necessary.
- Credit rating of company and board of directors should be acceptable.
- Cash deposit: considering the project type it starts from 5 up to 10 percent of the guarantee value.
- Fee: 0.5% for cash deposit and 2% for promissory note and checks.
Advance Payment Guarantee
Definition:
A commitment document is issued in return for advance payment from contract sides, in accordance with contract terms and conditions to guarantee commitment of Suppliers of the goods and services..
Terms :
- Representing contract related to the request is necessary.
- Representing employer request letter asking for the advanced payment guarantee is necessary.
- Credit rating of company and board of directors should be acceptable.
- Cash deposit: considering the project type, it starts from 5 up to 10 percent of the guarantee value.
- Fee: 0.5% for cash deposit and 2% for promissory note and checks.
